FX.co ★ USD/CAD intraday technical levels and trading recommendations for February 28, 2014

After fresh highs have been hit recently, the USD failed to keep its gains against the CAD.

The pair established a prominent top around 1.1220 that pushed the USD/CAD pair back to the previous congestion zone between 1.0850 and 1.0960.

This congestion zone provided considerable support at retesting on February 19. This led again towards 1.1185 where another top was established last Friday.

The bullish rejection expressed at 1.0960 is probably pushing towards 1.1235 corresponding to 50% Fibonacci.

Daily fixation above 1.1235 opens the way directly towards the next resistance level around 1.1650 corresponding to 61.8% Fibonacci.

On the other hand, bearish rejection off the current levels will push the pair again towards 1.0950 then 1.0850 as initial targets.